At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began Machine A $7,850 450 2,000 450 Machine B $26, 100 850 1,450 400 Machine C $9,800 750 1,750 450 By the end of the first year, each machine had been operating 6,000 hours. Required: 1. Compute the cost of each machine. 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: TIP: Remember that th formula for double-declining-balance uses cost minus accumulated depreciation (not residual value) Machine A B Estimates Life Residual Value Depreciation Method 5 years $ 600 Straight-line 50,000 hours 400 Units-of-production 6 years 2,100 Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Cost of Machine Machine A Machine B Machine C Required 2 >